All Forum Posts by: Jason Foster

Hello - I'm trying to get insurance for a 10 unit property I have under contract in Evansville, IN.  There are two units that require significant renovations, so my existing insurance carrier (Honeycomb) won't insure it.  Does anyone have a good broker or carrier they'd recommend who is willing to insure a multi-family property that requires rehab?  Thanks in advance!

I second Tenant Cloud - it’s been great for me. My only issue with it is that the mobile app can be a little buggy.

Try Union Savings Bank.  They're a local lender that has pretty flexible financing options in the Indy metro area.  Michael Stevens is one of their loan officers if you're looking for a specific contact.

@Lora P. I have three Oxford Houses. Would be happy to share my thoughts. Generally speaking, it’s been a great investment. Quality homes in B or better areas, with guaranteed long-term tenants in place. Although you could probably find better investments on paper, vacancy & turnover expenses are some of the most costly parts of owning investment property, and very difficult to forecast with perfect accuracy. With OHI, there’s no guess work there. Feel free to DM me if you’d like more details.

@Thomas Hartman depends what your investing objectives are. I’m based in Indy and invest in Evansville & Indy markets. Although your cash flow may be lower in Indy, you’ll benefit from greater appreciation and the benefits of a bigger economy (more tenants/PM’s/contractors/investors/etc). In Indiana’s other urban markets, you’ll make more money on paper, but in my experience, your properties will appreciate at a slower rate and you’ll deal with some of the challenges that come with smaller markets.

Although I’m not invested in these markets, many investors are active in the sub-markets within an hour drive of Indy such as Shelbyville, Kokomo, Franklin, Anderson, etc. If you consider them, do your homework on macro-economic and demographic trends.

I’d recommend doing more diligence. Check Zillow & Rentometer to see what similar properties are actually renting for given how wide the spread is. I’d also check published reviews on Google and other sites, and ask both companies for a reference call with another investor that uses them. Picking the right PM is one of the most important decisions you’ll make.

@Dakota Bonjour

I like Zillow. Tenants submit the application & background check right on the website. It stays active for something like 30 days, so if they’re shopping around, it can be used for any other properties they’re interested in that are listed on Zillow.

Great content in this discussion. I think I should make some changes. I’ve been in the refundable camp on the deposit, and have only been charging $25/month/pet. It’s possible that only those charging the highest prices feel compelled to post in this thread, but it seems like the average is well above what I’m charging right now. I’m going to test out higher numbers moving forward.

Adding a 2nd vote for Travelers.  I purchase through Geico, which acts as a broker for home owners insurance.  Travelers has been the cheapest/best option every time.

I recommend VUE Property Group. I've had great success with them. Relatively new company, but very experienced owner in both SFR & MF rentals.